July 17, 2008 -- Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July, Toronto Real Estate Board President Maureen O’Neill announced today.
“The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006,” said Ms. O’Neill.
In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.
At $353,257 the 905 region’s average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent from $332,733 recorded during the same period in July 2006.
“Continued strength in house prices throughout the GTA indicates that consumers continue to recognize the value of real estate as a long-term investment,” said Ms. O’Neill.
Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties sold in the same period in 2007 but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21 per cent increase from mid-July 2006.
In the 416 area there were 1,369 sales, down 17 per cent from the 1,641 recorded during the first two weeks of July 2007 but up eight per cent from the 1,264 sales recorded in the same period in July 2006. Before the Land Transfer Tax went into effect, sales increased 30 per cent in the first half of July 2007 compared to the same period in July 2006.
Sales in the 905 region came in at 2,128 in the first half of the month, down eight per cent from the 2,306 recorded during the same period last year but up seven per cent from the 1,987 sales recorded during the first half of July 2006. Sales in the first two weeks of July 2007 saw a 16 per cent increase over mid-July 2006.
Activity in certain areas increased in the first half of this month.
Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.
Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.
The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.“Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign,” said Ms. O’Neill.
You can find great local Toronto, Ontario real estate information on Localism.com Frank Bott is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Monday, July 28, 2008
Wednesday, July 16, 2008
New MLS Residential Listings Reach New Levels in First Half of 2008
OTTAWA – July 15, 2008 – New listings of homes for sale on the Multiple Listing Service® (MLS®) in Canada’s major markets reached record levels in the first half of 2008, while sales activity retreated from the record levels reported in 2007, according to MLS® statistics released by The Canadian Real Estate Association (CREA).
New MLS® residential listings in Canada’s major markets numbered 332,958 units in the first six months of 2008, up 8.1 per cent from the previous record set in the same period last year. For the third time in as many months, seasonally monthly adjusted new MLS® residential listings topped 50,000 units in June 2008.
More new properties were listed in April, May, and June this year than in any other month on record. This pushed seasonally adjusted new listings to new levels in the second quarter of 2008, up 7.5 per cent from levels the previous quarter. New listings reached record or near-record levels in Toronto, Vancouver, Ottawa, Regina, and Saskatoon. This more than offset a decline in new listings in Edmonton and Calgary, which continue retreating from peaks in March.
By contrast to rising new listings, sales activity in the first half of 2008 was down compared to the same period of 2007, which was a record-setting year. Transactions declined by 13.3 per cent year over year to 169,265 units in the first half of 2008. Seasonally adjusted transactions fell on a month-over-month basis in the first two months of the year, with the February decline being the largest in more than four years. Activity in 2008 subsequently posted four consecutive monthly increases, but remains below where it stood at the end of last year.
New year-to-date sales activity records were set in St. John’s and Thunder Bay in June. In the second quarter, seasonally adjusted activity reached the second highest level on record in Winnipeg, Quebec City, Gatineau, and Saint John. Quarterly transactions also posted their third highest levels in Ottawa, St. John’s, and Thunder Bay, and reached their fourth highest ever level in Montréal.
Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.
"The Canadian real estate market, while cooling, is still much different than the U.S. market with its record low number of foreclosures or defaults" says the President of The Canadian Real Estate Association, Calvin Lindberg. In the United States home prices dropped by 14.1 per cent in the first quarter of the year, according to the Case Shiller national home price index.
"Finance Canada has moved to clamp down on those buyers who may be heavily leveraged in their bid to become home owners" the CREA President added, "and this is not expected to have any major impact on the overall market before the changes go into effect in October."
The major market residential MLS® average price set new records for the first half of 2008, as well as for the second quarter of the year. In the first half of 2008, the MLS® residential average price rose 3.2 per cent year-over-year to $340,390. On a quarterly basis, the average price in Canada’s major markets was $343,235 in the second quarter, up 1.4 per cent from the second quarter of 2007.
However, in June the major market MLS® residential average price edged down 0.4 per cent year over year to $341,096. The slight decline in average price comparison reflects the impact the surge in average price in Calgary and Edmonton had last year. The average price in these markets retreated after rising dramatically last year, but has stabilized since March 2008 in line with a balanced market.
New monthly records for MLS® residential average price were set in a number of major markets in June, including Saskatoon, Kitchener-Waterloo, Thunder Bay, Ottawa, Gatineau, Montréal, Trois-Rivières, Saguenay, Saint John (NB), and St. John’s (NF).
"The resale housing market is more balanced than it was last year in all major urban centres," said CREA Chief Economist Gregory Klump. "The frenzied pace for sales activity last year has faded, with buyers now better able to shop around before making an offer. Price increases are expected to be modest in the second half of 2008, as sales continue easing and new listings remain high."
New MLS® residential listings in Canada’s major markets numbered 332,958 units in the first six months of 2008, up 8.1 per cent from the previous record set in the same period last year. For the third time in as many months, seasonally monthly adjusted new MLS® residential listings topped 50,000 units in June 2008.
More new properties were listed in April, May, and June this year than in any other month on record. This pushed seasonally adjusted new listings to new levels in the second quarter of 2008, up 7.5 per cent from levels the previous quarter. New listings reached record or near-record levels in Toronto, Vancouver, Ottawa, Regina, and Saskatoon. This more than offset a decline in new listings in Edmonton and Calgary, which continue retreating from peaks in March.
By contrast to rising new listings, sales activity in the first half of 2008 was down compared to the same period of 2007, which was a record-setting year. Transactions declined by 13.3 per cent year over year to 169,265 units in the first half of 2008. Seasonally adjusted transactions fell on a month-over-month basis in the first two months of the year, with the February decline being the largest in more than four years. Activity in 2008 subsequently posted four consecutive monthly increases, but remains below where it stood at the end of last year.
New year-to-date sales activity records were set in St. John’s and Thunder Bay in June. In the second quarter, seasonally adjusted activity reached the second highest level on record in Winnipeg, Quebec City, Gatineau, and Saint John. Quarterly transactions also posted their third highest levels in Ottawa, St. John’s, and Thunder Bay, and reached their fourth highest ever level in Montréal.
Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.
"The Canadian real estate market, while cooling, is still much different than the U.S. market with its record low number of foreclosures or defaults" says the President of The Canadian Real Estate Association, Calvin Lindberg. In the United States home prices dropped by 14.1 per cent in the first quarter of the year, according to the Case Shiller national home price index.
"Finance Canada has moved to clamp down on those buyers who may be heavily leveraged in their bid to become home owners" the CREA President added, "and this is not expected to have any major impact on the overall market before the changes go into effect in October."
The major market residential MLS® average price set new records for the first half of 2008, as well as for the second quarter of the year. In the first half of 2008, the MLS® residential average price rose 3.2 per cent year-over-year to $340,390. On a quarterly basis, the average price in Canada’s major markets was $343,235 in the second quarter, up 1.4 per cent from the second quarter of 2007.
However, in June the major market MLS® residential average price edged down 0.4 per cent year over year to $341,096. The slight decline in average price comparison reflects the impact the surge in average price in Calgary and Edmonton had last year. The average price in these markets retreated after rising dramatically last year, but has stabilized since March 2008 in line with a balanced market.
New monthly records for MLS® residential average price were set in a number of major markets in June, including Saskatoon, Kitchener-Waterloo, Thunder Bay, Ottawa, Gatineau, Montréal, Trois-Rivières, Saguenay, Saint John (NB), and St. John’s (NF).
"The resale housing market is more balanced than it was last year in all major urban centres," said CREA Chief Economist Gregory Klump. "The frenzied pace for sales activity last year has faded, with buyers now better able to shop around before making an offer. Price increases are expected to be modest in the second half of 2008, as sales continue easing and new listings remain high."
Monday, July 14, 2008
Changes to CMHC Mortgage Policies
By Craig Wong, The Canadian Press
OTTAWA - Ottawa is tightening the rules for government-guaranteed mortgages that will limit the maximum amortization period to 35 years and require a minimum down payment in a bid to prevent a meltdown like the one in the U.S. subprime mortgage market.
The Finance Department said Wednesday it will no longer guarantee 40-year mortgages and will require a minimum down payment of five per cent of the value of a home.
Government-backed insurance is currently available on mortgages where the loan-to-value ratio is up to 100 per cent - in other words the buyer has borrowed all the money to buy a home and then gets insurance coverage on the whole amount.
The changes announced Wednesday will cut this ratio to 95 per cent. Borrowers may still borrow the five per cent down payment, but it will not be insured under the new scheme.
Finance spokesman Jack Aubry said the moves will strengthen the Canadian housing market and reduce the risk of a housing bubble.
"Limiting the use of 40-year mortgages and requiring a minimum downpayment will help ensure that people build real equity in their home faster," Aubry said.
The new limits, which are set to take effect Oct. 15, will affect only new government-backed insured mortgages.
Canadians who already hold mortgages won't be affected by the changes.
In April, Bank of Canada governor Mark Carney raised his concerns about the loosening standards in the Canadian mortgage system, particularly the growing popularity of mortgages amortized over a 40-year period.
In other words, mortgages that are designed to take 40 years to fully repay if the borrower sticks to the regular schedule of instalment payments.
Carney told a Commons committee that the central bank was watching developments in the mortgage lending sector closely to ensure that the abuses seen in the U.S. subprime market do not occur in Canada.
In the United States, imprudent lending by banks and financial companies to high-risk borrowers at low rates created a housing bubble that eventually exploded when mortgages renewed at higher rates and borrowers couldn't pay and defaulted.
In Canada, defaults of bank-originated mortgages are extremely low - well below one per cent of the total, according to figures compiled by the Canadian Bankers Association.
The collapse in the U.S. housing market led to broader troubles in the U.S. economy, reducing demand for Canadian exports such as lumber and autos. It also led to a corporate and consumer credit crunch that is still being felt by ordinary Americans and companies.
In Canada, the government said Canadian banks and other lenders have not written many government-backed mortgages to borrowers with low credit scores, but to ensure this continues the changes will establish a credit score floor of 620.
Economists have noted a cooling in the Canadian housing in recent months after several years of strong growth. Higher loan-to-value ratios and longer amortization periods are believed to have prolonged the cycle by opening the market wider.
Scotiabank senior economist Adrienne Warren called it a "modest tightening in credit conditions" could exclude a few people at the margins from buying a house.
"We were already in a process of where we're seeing things cool off and I think this will just reinforce that," she said.
Warren added that most Canadian lenders have been more conservative than their counterparts in the United States.
"It's essentially a sort of cautious move and reaction to the difficulties we're seeing in the global housing market and particularly in the U.S.," she said.
Jason Scott, a mortgage associate with Urban Mortgage in Edmonton, said the changes will make it more difficult for younger buyers who are looking to get into the market.
"Reducing the maximum amortization is going to put people who are at the fringes of affordability out, 40-year amortization has been very popular with younger people who are purchasing their first home," he said.
The changes Wednesday also set a maximum of 45 per cent for the proportion of gross income that is spent on debt servicing and housing-related fixed or essential payments.
And mortgages that begin with "interest-only" payments and home equity lines of credit will also not be covered by the government guarantees.
Ottawa noted that reducing amortization from 40 years to 35 years on a $200,000 mortgage with a six per cent interest rate would increase the borrower's monthly payment by $41. The borrower would also save $49,000 in interest payments.
Canada Mortgage and Housing Corp., a Crown corporation, is the country's largest insurer of home mortgages. The government also backs private mortgage insurers through guarantee agreements that protect lenders in the event of default by the insurer.
OTTAWA - Ottawa is tightening the rules for government-guaranteed mortgages that will limit the maximum amortization period to 35 years and require a minimum down payment in a bid to prevent a meltdown like the one in the U.S. subprime mortgage market.
The Finance Department said Wednesday it will no longer guarantee 40-year mortgages and will require a minimum down payment of five per cent of the value of a home.
Government-backed insurance is currently available on mortgages where the loan-to-value ratio is up to 100 per cent - in other words the buyer has borrowed all the money to buy a home and then gets insurance coverage on the whole amount.
The changes announced Wednesday will cut this ratio to 95 per cent. Borrowers may still borrow the five per cent down payment, but it will not be insured under the new scheme.
Finance spokesman Jack Aubry said the moves will strengthen the Canadian housing market and reduce the risk of a housing bubble.
"Limiting the use of 40-year mortgages and requiring a minimum downpayment will help ensure that people build real equity in their home faster," Aubry said.
The new limits, which are set to take effect Oct. 15, will affect only new government-backed insured mortgages.
Canadians who already hold mortgages won't be affected by the changes.
In April, Bank of Canada governor Mark Carney raised his concerns about the loosening standards in the Canadian mortgage system, particularly the growing popularity of mortgages amortized over a 40-year period.
In other words, mortgages that are designed to take 40 years to fully repay if the borrower sticks to the regular schedule of instalment payments.
Carney told a Commons committee that the central bank was watching developments in the mortgage lending sector closely to ensure that the abuses seen in the U.S. subprime market do not occur in Canada.
In the United States, imprudent lending by banks and financial companies to high-risk borrowers at low rates created a housing bubble that eventually exploded when mortgages renewed at higher rates and borrowers couldn't pay and defaulted.
In Canada, defaults of bank-originated mortgages are extremely low - well below one per cent of the total, according to figures compiled by the Canadian Bankers Association.
The collapse in the U.S. housing market led to broader troubles in the U.S. economy, reducing demand for Canadian exports such as lumber and autos. It also led to a corporate and consumer credit crunch that is still being felt by ordinary Americans and companies.
In Canada, the government said Canadian banks and other lenders have not written many government-backed mortgages to borrowers with low credit scores, but to ensure this continues the changes will establish a credit score floor of 620.
Economists have noted a cooling in the Canadian housing in recent months after several years of strong growth. Higher loan-to-value ratios and longer amortization periods are believed to have prolonged the cycle by opening the market wider.
Scotiabank senior economist Adrienne Warren called it a "modest tightening in credit conditions" could exclude a few people at the margins from buying a house.
"We were already in a process of where we're seeing things cool off and I think this will just reinforce that," she said.
Warren added that most Canadian lenders have been more conservative than their counterparts in the United States.
"It's essentially a sort of cautious move and reaction to the difficulties we're seeing in the global housing market and particularly in the U.S.," she said.
Jason Scott, a mortgage associate with Urban Mortgage in Edmonton, said the changes will make it more difficult for younger buyers who are looking to get into the market.
"Reducing the maximum amortization is going to put people who are at the fringes of affordability out, 40-year amortization has been very popular with younger people who are purchasing their first home," he said.
The changes Wednesday also set a maximum of 45 per cent for the proportion of gross income that is spent on debt servicing and housing-related fixed or essential payments.
And mortgages that begin with "interest-only" payments and home equity lines of credit will also not be covered by the government guarantees.
Ottawa noted that reducing amortization from 40 years to 35 years on a $200,000 mortgage with a six per cent interest rate would increase the borrower's monthly payment by $41. The borrower would also save $49,000 in interest payments.
Canada Mortgage and Housing Corp., a Crown corporation, is the country's largest insurer of home mortgages. The government also backs private mortgage insurers through guarantee agreements that protect lenders in the event of default by the insurer.
Saturday, July 5, 2008
GTA Resale Housing More Balanced in June
July 4, 2008 -- The trend toward more balanced market conditions continued in June with 8,600 properties changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.
It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008.
At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.
In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.
In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from$334,220 in 2006.
“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to 8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,” said Ms. O’Neill.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.
In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June 2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.
The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905Region increased by 22 per cent.
In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from 50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the same period in 2006. When you compare the first two quarters of 2007 with the same period in 2006, GTA sales increased by 11 per cent.
In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574 in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per cent to 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when you compare the first two quarters of 2007 with the same period in 2006, sales increased by 9 per cent in the City of Toronto and by 12 per cent in the 905 Region.
“The increase in listings we have seen in recent months has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms. O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June. Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached home transactions.
Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions and even more robust attached/row house sales.In Downtown East (C08), activity was up four per cent due to attached/row house and condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill. “When you look at it from a long-term perspective real estate invariably provides stable returns.”
It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008.
At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.
In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.
In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from$334,220 in 2006.
“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to 8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,” said Ms. O’Neill.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.
In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June 2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.
The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905Region increased by 22 per cent.
In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from 50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the same period in 2006. When you compare the first two quarters of 2007 with the same period in 2006, GTA sales increased by 11 per cent.
In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574 in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per cent to 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when you compare the first two quarters of 2007 with the same period in 2006, sales increased by 9 per cent in the City of Toronto and by 12 per cent in the 905 Region.
“The increase in listings we have seen in recent months has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms. O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June. Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached home transactions.
Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions and even more robust attached/row house sales.In Downtown East (C08), activity was up four per cent due to attached/row house and condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill. “When you look at it from a long-term perspective real estate invariably provides stable returns.”
Friday, July 4, 2008
East Toronto Neighbourhoods
East York
Todmorden Village
Todmorden Village grew up around a complex of mills and a brewery that operated near the banks of the Don River beginning in 1795. Many of Todmorden's original families, including the Helliwells and Eastwoods came from Todmorden Village in Yorkshire England. It is this English Village that Todmorden is named after. The Todmorden Mills Heritage Museum situated at the foot of Pottery Road and a small number of workers houses east of Broadview Avenue are vivid reminders of this pioneer community. The history of the Todmorden area north of O'Connor is dominated by the Taylor family who came to the Don Valley in 1834. The Taylors owned all of the land north of O'Connor between Broadview and Woodbine Avenues. The Taylors' business empire in the Don Valley included paper mills, saw mills, grist mills, and the Don Valley Pressed Brick Works which supplied the bricks for many of Toronto's houses and commercial buildings.
The Taylor estates were subdivided in the 1920's, 1930's and 1940's, which led to the residential development of the north end of Todmorden Village.
East York
The Township of East York was incorporated on January 1, 1924. At that time East York was comprised mostly of market gardens, a handful of brick making yards and a race horse track that was located in the area bound by Oak Park, Lumsden, Chisholm and Danforth Avenues.
In its early years, East York's population consisted mostly of employees of the local market gardens and brick yards as well as returning World War One veterans and their families. East York's largest period of growth took place between 1946 and 1961 when the housing supply nearly doubled in size.
East York held the distinction of being Canada's only Borough until 1998 when it was amalgamated into the City of Toronto. The fact that East York chose to remain a Borough for so long rather than incorporate as a city speaks volumes for the neighbourliness and small town friendliness that has been an East York trademark ever since its formation in 1924.
Leaside
Leaside was first settled by John Lea a pioneer farmer who emigrated to Canada from Philadelphia in 1819. In the 1850's, Lea's oldest son William built an eight-sided octagonal shaped house - appropriately named 'Leaside' - near the present day site of Leaside Memorial Gardens. This neighbourhood has been called Leaside ever since.
The Canadian Northern Railway incorporated the Town of Leaside in 1913 on land formerly owned by the Lea family. Leaside's development was historically significant in that it was the first town in Ontario to be completely planned on paper before any homes were actually built.
Leaside's residential development was stalled due to the outbreak of World War I, however Leaside was an important contributor to the war effort. Heavy artillery was manufactured at the Leaside Munitions Company. Leaside was also the location of an airfield used for the training of Canadian pilots.
In 1918 the Leaside Airfield made Canadian aviation history as the terminus of the first airmail flight in Canada, travelling from Montreal to Toronto. Leaside's status as a Town came to an end in 1967 when it became part of the Borough of East York, which has since amalgamated with the City of Toronto.
Parkview Hills
Parkview Hills was once part of the vast Taylor family estate. The Taylors moved to the Don Valley in the 1820's and built up a business empire that included a complex of mills and the Don Valley Brick Works.
The Taylors never settled on this part of their estate however they were involved in the subdivision of land in Parkview Hills. The Taylor family are said to have named Hackberry, White Pine, Alder and Aspen streets after trees that once grew in this area. Presteign Avenue, Presteign United Church, and Presteign School are all named after the Welsh hometown of William Pugh who, along with the Taylor family, subdivided the present day neighbourhood.
When Parkview Hills first opened in 1947, three bedroom bungalows were sold for around $9,950. The foundations of these houses were dug using teams of horses and there were no paved roads until 1950. Local residents recall swimming and fishing in nearby Taylor Creek up until 1955 when it was deemed to be to polluted for recreational use.
Governor's Bridge
The Governor's Bridge neighbourhood was subdivided in 1912 by William Douglas and Wallace Nesbitt. Douglas and Nesbitt were distinguished lawyers at the Toronto law firm of McCarthy, Osler and Company and both men were elected president of the Osgoode Legal and Literary Society during their careers.
The actual building of homes in this neighbourhood did not take place until after 1923, when the Governor's Bridge was opened. This bridge spanned a section of the Moore Park Ravine and received its name due to the close proximity of the Lieutenant Governor's residence, which was located where Chorley Park is today.
The same year that the Governor's Bridge opened, Wallace Nesbitt and the estate of William Douglas altered their original plan of subdivision for this neighbourhood. All of the original street names were changed in the new plan. Southview Avenue became Nesbitt Drive, Oakdale Crescent became Douglas Crescent and Hawthorne Avenue was changed to Governor's Road.
In the early years this neighbourhood was affectionately referred to as "Little Hollywood" because many of the first houses built in Governor's Bridge featured Spanish architectural accents.
Bennington Heights
The Bennington Heights neighbourhood is situated on a flat plain of land, on the crest of an escarpment which thousands of years ago had been part of the shoreline of ancient Lake Iroquois - the forerunner to Lake Ontario.
This area was first settled in the 1870's by John Cudmore and Daniel Ryan, who operated successful market gardens on their respective properties. The Cudmore farm was subdivided for residential development in 1889 and later re-subdivided in 1912. Daniel Ryan's property, which was located just to the north of the Cudmore farm was subdivided in stages between 1891 and 1946.
The first resident of the present day neighbourhood was Thomas Weatherhead, a solicitor for the East York School Board. In 1925, when Weatherhead purchased number thirty Rosemount Avenue he had the Rosemount street name changed to Bennington, which was his wife's maiden name.
The Bennington name was also adopted by the Bennington Heights School when it opened in 1950. This neighbourhood has been referred to as Bennington Heights ever since.
Toronto
Danforth Village
Danforth Village, north of the Danforth, was land originally held by the Church of England. Local street names like Glebemount, and Glebeholme, are reminders that this was once Church land.
The land south of the Danforth was not held by the Church. This land was originally owned by families engaged in either farming or in the brick making business.
Danforth Avenue, this neighbourhood's main thoroughfare, is named after Asa Danforth, an American contractor who built Kingston road in 1799 but ironically he had nothing to do with the building of Danforth Avenue.
After being annexed to the City of Toronto in 1908 Danforth Village began to be subdivided. The two most significant events in the growth of this neighbourhood were the completion of the Prince Edward Viaduct in 1918, and the opening of the Bloor - Danforth subway in 1966.
Playter Estates
Playter Estates is named after the Playter family who held the original land grants on both sides of the Don River near Bloor Street. Captain George Playter, the patriarch of the family, was an United Empire Loyalist who emigrated to Canada from Pennsylvania in the 1790's. George's son James Playter, owned the land where Playter Estates is today. However, it was James' eldest brother John who actually settled on this land. John's grandson, John Lea Playter, erected the Playter Homestead at 28 Playter Crescent in the mid 1870's. This charming brick home is still owned by members of the Playter family. The property around the homestead was used for farmland up until 1912, when the current neighbourhood was developed
Riverdale
Riverdale was a small rural community until the Grand Trunk Railway began steaming through here in the 1850's. The railway brought industry and employment opportunities to Riverdale. It also attracted a pool of labourers who built the first homes in Riverdale, south of the railway tracks.North of Queen Street Riverdale remained largely undeveloped until 1884 when it was annexed by the City of Toronto. At that time Riverdale was called Riverside. The name was probably changed to Riverdale as a reference to the city park of the same name, that has long been a landmark in this area.
Riverdale's development was accelerated in 1918 with the building of Toronto's largest bridge, the Prince Edward Viaduct. The Viaduct provided Riverdale with an important link to the City of Toronto, west of the Don River, and marked a coming of age for this popular Toronto neighbourhood.
Leslieville
Leslieville began as a small village back in the 1850's. The village grew up around the Toronto Nurseries owned by George Leslie and sons, after whom this neighbourhood is named.
Most of Leslieville's residents were either market gardeners or were employed at one of several brick making companies that used to operate in the area.
One of the first buildings in the village was the Leslieville Public School, built in 1863. Leslieville's first principal was Alexander Muir who composed "The Maple Leaf Forever".
Muir's poetic verse was inspired when a brilliant autumn maple leaf fell from a Leslieville tree onto his jacket.
That maple tree is still standing today and has become Leslieville's most famous landmark. It is designated by an historic plaque at the intersection of Laing Street and Memory Lane.
The Beach
The Beach was first settled by the Ashbridge family who came to Canada from Philadelphia, in 1793. Ashbridge's Bay Park is named after these pioneers. The Ashbridges, and a handful of other families, farmed this district until the latter part of the 1800's, when many of The Beach properties were subdivided. At that time, large parcels of land were set aside for local parks.
Woodbine, Kew Gardens, Scarboro, Balmy Beach and Victoria Park collectively became Toronto's playgrounds by the lake. These amusement parks also attracted many summer cottagers to the area.
By the 1920's, the City of Toronto was expanding eastward and The Beach was subdivided for year round residential development. Over the years The Beach has emerged as one of Toronto's most popular neighbourhoods.
Todmorden Village
Todmorden Village grew up around a complex of mills and a brewery that operated near the banks of the Don River beginning in 1795. Many of Todmorden's original families, including the Helliwells and Eastwoods came from Todmorden Village in Yorkshire England. It is this English Village that Todmorden is named after. The Todmorden Mills Heritage Museum situated at the foot of Pottery Road and a small number of workers houses east of Broadview Avenue are vivid reminders of this pioneer community. The history of the Todmorden area north of O'Connor is dominated by the Taylor family who came to the Don Valley in 1834. The Taylors owned all of the land north of O'Connor between Broadview and Woodbine Avenues. The Taylors' business empire in the Don Valley included paper mills, saw mills, grist mills, and the Don Valley Pressed Brick Works which supplied the bricks for many of Toronto's houses and commercial buildings.
The Taylor estates were subdivided in the 1920's, 1930's and 1940's, which led to the residential development of the north end of Todmorden Village.
East York
The Township of East York was incorporated on January 1, 1924. At that time East York was comprised mostly of market gardens, a handful of brick making yards and a race horse track that was located in the area bound by Oak Park, Lumsden, Chisholm and Danforth Avenues.
In its early years, East York's population consisted mostly of employees of the local market gardens and brick yards as well as returning World War One veterans and their families. East York's largest period of growth took place between 1946 and 1961 when the housing supply nearly doubled in size.
East York held the distinction of being Canada's only Borough until 1998 when it was amalgamated into the City of Toronto. The fact that East York chose to remain a Borough for so long rather than incorporate as a city speaks volumes for the neighbourliness and small town friendliness that has been an East York trademark ever since its formation in 1924.
Leaside
Leaside was first settled by John Lea a pioneer farmer who emigrated to Canada from Philadelphia in 1819. In the 1850's, Lea's oldest son William built an eight-sided octagonal shaped house - appropriately named 'Leaside' - near the present day site of Leaside Memorial Gardens. This neighbourhood has been called Leaside ever since.
The Canadian Northern Railway incorporated the Town of Leaside in 1913 on land formerly owned by the Lea family. Leaside's development was historically significant in that it was the first town in Ontario to be completely planned on paper before any homes were actually built.
Leaside's residential development was stalled due to the outbreak of World War I, however Leaside was an important contributor to the war effort. Heavy artillery was manufactured at the Leaside Munitions Company. Leaside was also the location of an airfield used for the training of Canadian pilots.
In 1918 the Leaside Airfield made Canadian aviation history as the terminus of the first airmail flight in Canada, travelling from Montreal to Toronto. Leaside's status as a Town came to an end in 1967 when it became part of the Borough of East York, which has since amalgamated with the City of Toronto.
Parkview Hills
Parkview Hills was once part of the vast Taylor family estate. The Taylors moved to the Don Valley in the 1820's and built up a business empire that included a complex of mills and the Don Valley Brick Works.
The Taylors never settled on this part of their estate however they were involved in the subdivision of land in Parkview Hills. The Taylor family are said to have named Hackberry, White Pine, Alder and Aspen streets after trees that once grew in this area. Presteign Avenue, Presteign United Church, and Presteign School are all named after the Welsh hometown of William Pugh who, along with the Taylor family, subdivided the present day neighbourhood.
When Parkview Hills first opened in 1947, three bedroom bungalows were sold for around $9,950. The foundations of these houses were dug using teams of horses and there were no paved roads until 1950. Local residents recall swimming and fishing in nearby Taylor Creek up until 1955 when it was deemed to be to polluted for recreational use.
Governor's Bridge
The Governor's Bridge neighbourhood was subdivided in 1912 by William Douglas and Wallace Nesbitt. Douglas and Nesbitt were distinguished lawyers at the Toronto law firm of McCarthy, Osler and Company and both men were elected president of the Osgoode Legal and Literary Society during their careers.
The actual building of homes in this neighbourhood did not take place until after 1923, when the Governor's Bridge was opened. This bridge spanned a section of the Moore Park Ravine and received its name due to the close proximity of the Lieutenant Governor's residence, which was located where Chorley Park is today.
The same year that the Governor's Bridge opened, Wallace Nesbitt and the estate of William Douglas altered their original plan of subdivision for this neighbourhood. All of the original street names were changed in the new plan. Southview Avenue became Nesbitt Drive, Oakdale Crescent became Douglas Crescent and Hawthorne Avenue was changed to Governor's Road.
In the early years this neighbourhood was affectionately referred to as "Little Hollywood" because many of the first houses built in Governor's Bridge featured Spanish architectural accents.
Bennington Heights
The Bennington Heights neighbourhood is situated on a flat plain of land, on the crest of an escarpment which thousands of years ago had been part of the shoreline of ancient Lake Iroquois - the forerunner to Lake Ontario.
This area was first settled in the 1870's by John Cudmore and Daniel Ryan, who operated successful market gardens on their respective properties. The Cudmore farm was subdivided for residential development in 1889 and later re-subdivided in 1912. Daniel Ryan's property, which was located just to the north of the Cudmore farm was subdivided in stages between 1891 and 1946.
The first resident of the present day neighbourhood was Thomas Weatherhead, a solicitor for the East York School Board. In 1925, when Weatherhead purchased number thirty Rosemount Avenue he had the Rosemount street name changed to Bennington, which was his wife's maiden name.
The Bennington name was also adopted by the Bennington Heights School when it opened in 1950. This neighbourhood has been referred to as Bennington Heights ever since.
Toronto
Danforth Village
Danforth Village, north of the Danforth, was land originally held by the Church of England. Local street names like Glebemount, and Glebeholme, are reminders that this was once Church land.
The land south of the Danforth was not held by the Church. This land was originally owned by families engaged in either farming or in the brick making business.
Danforth Avenue, this neighbourhood's main thoroughfare, is named after Asa Danforth, an American contractor who built Kingston road in 1799 but ironically he had nothing to do with the building of Danforth Avenue.
After being annexed to the City of Toronto in 1908 Danforth Village began to be subdivided. The two most significant events in the growth of this neighbourhood were the completion of the Prince Edward Viaduct in 1918, and the opening of the Bloor - Danforth subway in 1966.
Playter Estates
Playter Estates is named after the Playter family who held the original land grants on both sides of the Don River near Bloor Street. Captain George Playter, the patriarch of the family, was an United Empire Loyalist who emigrated to Canada from Pennsylvania in the 1790's. George's son James Playter, owned the land where Playter Estates is today. However, it was James' eldest brother John who actually settled on this land. John's grandson, John Lea Playter, erected the Playter Homestead at 28 Playter Crescent in the mid 1870's. This charming brick home is still owned by members of the Playter family. The property around the homestead was used for farmland up until 1912, when the current neighbourhood was developed
Riverdale
Riverdale was a small rural community until the Grand Trunk Railway began steaming through here in the 1850's. The railway brought industry and employment opportunities to Riverdale. It also attracted a pool of labourers who built the first homes in Riverdale, south of the railway tracks.North of Queen Street Riverdale remained largely undeveloped until 1884 when it was annexed by the City of Toronto. At that time Riverdale was called Riverside. The name was probably changed to Riverdale as a reference to the city park of the same name, that has long been a landmark in this area.
Riverdale's development was accelerated in 1918 with the building of Toronto's largest bridge, the Prince Edward Viaduct. The Viaduct provided Riverdale with an important link to the City of Toronto, west of the Don River, and marked a coming of age for this popular Toronto neighbourhood.
Leslieville
Leslieville began as a small village back in the 1850's. The village grew up around the Toronto Nurseries owned by George Leslie and sons, after whom this neighbourhood is named.
Most of Leslieville's residents were either market gardeners or were employed at one of several brick making companies that used to operate in the area.
One of the first buildings in the village was the Leslieville Public School, built in 1863. Leslieville's first principal was Alexander Muir who composed "The Maple Leaf Forever".
Muir's poetic verse was inspired when a brilliant autumn maple leaf fell from a Leslieville tree onto his jacket.
That maple tree is still standing today and has become Leslieville's most famous landmark. It is designated by an historic plaque at the intersection of Laing Street and Memory Lane.
The Beach
The Beach was first settled by the Ashbridge family who came to Canada from Philadelphia, in 1793. Ashbridge's Bay Park is named after these pioneers. The Ashbridges, and a handful of other families, farmed this district until the latter part of the 1800's, when many of The Beach properties were subdivided. At that time, large parcels of land were set aside for local parks.
Woodbine, Kew Gardens, Scarboro, Balmy Beach and Victoria Park collectively became Toronto's playgrounds by the lake. These amusement parks also attracted many summer cottagers to the area.
By the 1920's, the City of Toronto was expanding eastward and The Beach was subdivided for year round residential development. Over the years The Beach has emerged as one of Toronto's most popular neighbourhoods.
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